IIT-Madras to Launch Sports-Tech Incubator with Funding up to Rs 5 Crore for Startups
the Indian Institute of Technology Madras (IIT-Madras) has announced plans to provide up to Rs 5 crore in funding to help nurture sports-tech startups. The initiative, spearheaded by the IIT-Madras Pravartak Technologies Foundation along with the IIT Madras Centre of Excellence in Sports Science and Analytics (CESSA), aims to foster the development of AI and IoT-based products in the sports industry.
The targeted startups will focus on a range of technologies involving sensors, networks, actuators, and controllers, promising to revolutionize various aspects of sports including athlete performance, fan engagement, sports education, and esports. This initiative is set to bolster India’s capabilities in sports technology as the nation prepares to bid for hosting the Olympics.
A newly established sports tech incubator fund within IIT Madras will support this ambitious program. Interested startups can apply through the dedicated portal, with the first stage of shortlisted submissions invited to present their business ideas at the ‘IIT Madras Sports Technology Start-up Conclave’. This event, scheduled for June 14-15 at the IIT Madras Research Park, marks India’s first conclave focusing on the sports technology sector.
According to Ramesh Kumar, CEO of CESSA and former global head of ESPNCricinfo, the goal is to deepen the integration of technology in sports, aiming to enhance sporting excellence and develop the overall ecosystem. The initiative also seeks to collaborate with stakeholders in both public and private sectors.
Prof Mahesh Panchagnula, Dean of Alumni and Corporate Relations at IIT Madras and head of CESSA, emphasized that the conclave represents a critical turning point in sports tech innovation in India. Startups in various stages, including those at the idea phase, are welcome to apply, provided they have incorporated their company and secured intellectual property rights.
Selected startups can receive funding ranging from Rs 10 lakh to Rs 50 lakh, based on business potential, with IITM Pravartak Technologies taking an equity stake. Additionally, IITM CESSA will offer high-tech sports infrastructure, tech support, and access to a comprehensive startup ecosystem and data center for research.
Shankar Raman of the IIT-Madras Pravartak Technologies Foundation commented on the initiative’s commitment to enhancing global competitiveness of athletes through technological innovation.
To date, the IIT-Madras Incubation Cell has incubated 351 startups, attracting a total investment of Rs 10,425 crore from angel investors and venture capitalists, with a combined valuation of Rs 45,000 crore. These startups generated Rs 3,600 crore in revenue in the fiscal year 2022-23, provided employment to over 10,000 individuals, and filed more than 210 patents.